Aramid Fiber Reinforcement Materials Market is valued around USD 3.73 Billion in 2019 and expected to reach USD 7.83 Billion by 2030 with the CAGR of 6.7% over the forecast period.
Aramid Fiber Reinforcement Materials refers to the specially designed synthetic fiber with high tensile strength, light weight and high heat resistance properties. Due to these special properties it has wide applications in different industries as well as increases the operational efficiency with high performance materials. These materials are mostly used in defense & safety industry such as aerospace, helmets, sports accessories, protective coatings and others.
Global Aramid Fiber Reinforcement Materials Market report is segmented on the basis of type, end use and by regional. Based upon type, the aramid fiber reinforcement material market is fragmented into Para-Aramid Fibers, Meta-Aramid Fibers, and Others. On the basis of end use, the market is categorized into Aerospace & Defense, Automotive, Consumer Goods, Marine, and Others. The regional bifurcation of countries includes North America, Europe, Asia-Pacific, and RoW which are further segmented into major countries such as U.S., UK, France, and others.
The aramid fiber reinforcement material market is mainly driven by the constant growth in aviation, defense, electronics & others has created the demand for aramid fiber reinforcement. There has been tremendous advancement in technology along with wide applications in different industries. In addition, presence of developed infrastructure as well as growing demand for high performance materials to enhance the operational efficiency is also expected to fuel the market growth. Moreover, growing industrialization with rising safety concerns as well as high demand for lightweight materials are also likely to support the market growth. However, high cost of production accompanied by non-degradable nature for aramid fiber reinforcement materials can restrain the market growth over the forecast period.
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The developed regions such as North America and Europe are expected to hold the major market share owing to the presence of developed infrastructure with wide applications. Moreover, technological advancement along with growth in aviation industries supported by consumer electronics and others are anticipated the market growth. Asia Pacific is expected to dominate the aramid fiber reinforcement material market in terms of growth rate owing to the rising industrialization supported by growing disposable income. In addition, fast developing infrastructure as well rising demand for safety equipment’s in the region are also projected the market growth.
The major market players profiled in the aramid fiber reinforcement material market includes E. I. du Pont de Nemours and Company, Teijin Ltd., Kolon Industries, Inc., Honeywell International Inc., SRO Aramid (Jiangsu) Co., Ltd., Hyosung Corporation, Toray Industries, Inc., Yantai Tayho Advanced materials Co., Ltd., Ibiden Co., Ltd., and Huvis Corporation among others.